COCKEYSVILLE, MD. — Developer Greenberg Gibbons has contracted with AvalonBay Communities Inc. to develop Avalon at Hunt Valley Towne Centre, a five-story, 332-unit multifamily property. The community will be located in Hunt Valley Towne Centre, a mixed-use development in Cockeysville, about 17 miles north of Baltimore. The property will be situated adjacent to a Pier 1 Imports store. Greenberg Gibbons will develop the property’s 30,000-square-foot retail component. AvalonBay and Greenberg Gibbons plan to break ground this fall and wrap up construction as early as spring 2016.
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CAPITOL HEIGHTS, MD. — Terreno Realty Corp. has purchased a 139,000-square-foot distribution center in Capitol Heights for $18.1 million. A single tenant fully occupies the asset, located at 1000 Hampton Park Blvd., about four miles east of Washington, D.C. The distribution center features 18 dock-high and two grade-level loading areas, parking for 210 cars and 32-foot clear ceiling heights.
OLNEY, MD. — Finmarc Management Inc. has sold Silo Inn Shopping Center, a 28,072-square-foot neighborhood retail center in Olney, about 20 miles north of Washington, D.C. Finmarc sold the center to Taylor Georgia LLC for approximately $17.4 million. The property, located at 16800 Georgia Ave., is fully leased to tenants such as Roots Market, Wells Fargo, Starbucks Coffee, a pet supply store, hair and nail salon and boutique restaurant.
ATLANTA — Outlet center specialists Lisa Quier Wagner and David Hinkle have joined Avison Young as principals. In their new roles, the two will focus on outlet-center strategic direction, marketing and management, as well as leasing guidance and tenant advisory expertise. Wagner and Hinkle bring 50 years of combined commercial real estate experience to Avison Young. Wagner and Hinkle most recently served as partners of the Outlet Resource Group, a specialty retail consultancy firm which they co-owned and co-founded. Additionally, Jacquelin Young has joined Avison Young as a marketing implementer working with Wagner. Young has 20 years of experience in shopping center and outlet marketing and management and will apply that marketing expertise to the team's outlet center clients.
INDIANAPOLIS — S. L. Nusbaum Realty Co. has been named the exclusive management representative for Raceway Market Shoppes, a 26,088-square-foot retail center in Indianapolis. The property is located at 9210 Rockville Road. Tenants include Outback Steakhouse, McAlister’s Deli, AT&T Mobile, Sport Clips, Subway, Five Guys Burgers and Fries and Davita Total Renal Care. S.L. Nusbaum Realty manages, develops and provides brokerage services to shopping center projects, apartment communities, office and industrial properties. The company is based in Norfolk, Va.
CLEVELAND, OHIO — Cooper Commercial Investment Group has arranged the $2 million sale of a grocery-anchored shopping center in Cleveland. The sale also included a buildable outparcel. Village Green Shopping Center is located near the main intersection of Euclid Avenue and Green Road. The 46,301-square-foot retail center is 95 percent occupied and is anchored by a Save-a-Lot grocery store. The sale represented 90 percent of the list price and a 9.89 percent capitalization rate. Dan Cooper of the Cooper Commercial Investment Group and Kyle Hartung of Goodman Real Estate Services Group LLC represented the seller, a Cleveland-based private investment group. A Florida-based private investment group purchased the property.
MALVERN, PA. — Malvern-based Liberty Property Trust has selected Cassidy Turley to manage its 6.2 million-square-foot industrial portfolio. The portfolio consists of 34 single- and multi-tenant buildings ranging in size from 30,000 to 500,000 square feet in Indianapolis, Cincinnati, Columbus, Ohio and Atlanta. The properties were part of a larger 23 million-square-foot, 177 property portfolio that Liberty acquired from Cabot Industrial in 2013. This is Cassidy Turley’s first property management assignment with Liberty. The management team includes Tim Michel, Jeff Wojciechowski and Melissa Day. Local property management will be provided by Rosalind Rainge in Atlanta, Erin Gibstine in Indianapolis, Doug Lance in Cincinnati and Michael Bloch in Columbus.
ST. PAUL, MINN. — The Opus Group will complete a 41,500-square-foot expansion and renovation project for St. Catherine University in St. Paul. Opus will expand the university’s existing 59,000-square-foot Butler Center, which houses student wellness and athletic facilities. The addition will feature separate varsity locker rooms and lounge space for athletic teams at the school, a cardio room with fitness equipment, a dance studio, as well as a one-story, multi-purpose training center. Opus will also redesign the front entry to include a controlled access point for added security and access to events in the arena. In addition, 10,000 square feet of previous gymnasium space in the neighboring Fontbonne Hall will be renovated to include university classroom space, which will connect to the Butler Center. Opus will also install a new elevator to improve the building’s accessibility. Construction is scheduled to begin this month. Renovation of Fontbonne Hall is slated for completion before the fall semester. The full project is set for completion in February 2015. Opus Design Build LLC will serve as the design-builder and Opus AE Group LLC will serve as the design-architect.
NEW YORK CITY — SL Green Realty Corp. has purchased Ivanhoe Cambridge’s stake in 388-390 Greenwich Street, a two-building, 2.6 million-square-foot office property in Manhattan, in conjunction with a $1.45 billion refinancing of the property. A lending group comprising Citigroup, Bank of China, Wells Fargo and Barclays provided the new 7-year mortgage. The loan, which has an interest at LIBOR plus 1.75 percent, features an initial 4-year term and three 1-year as-of-right extension options. The loan is replacing the former $1.14 billion financing. The refinancing follows the triple-net lease renewal by an affiliate of Citigroup Inc. for the entire 2.6 million-square-foot complex through year-end 2035, and SL Green’s agreement to purchase Ivanhoe Cambridge’s stake. Eastdil Secured arranged the financing of behalf of SL Green. Callahan Capital Properties and Eastdil Secured advised Ivanhoe Cambridge in the transaction. Ivanhoe Cambridge expects to reinvest proceeds, building a national U.S. office platform alongside our strategic partner Callahan Capital Properties.
TUCKAHOE, N.Y. — Roseland, a subsidiary of Mack-Cali Realty Corp., Glenco Group and Mirado Properties have broken ground on 150 Main Street, a multifamily development in Tuckahoe. Designed by Minno & Wasko Architects and Planners, the four-story building will offer 61 one-bedroom and 47 two-bedroom units, as well as 3,500 square feet of ground-level retail space. The apartments will feature hardwood flooring, stainless steel appliances, marble countertops and in-unit washer/dryers. Community amenities include a fitness center, yoga studio, clubroom, and an outdoor terrace with gardens, a water sculpture, stone fireplace pit with seating area and an outdoor kitchen. Additionally, the community will feature a 169-space underground parking garage and 19 surface parking spots. The project is slated for completion in fourth quarter 2015, with units available for occupancy in early 2016.